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SCRA contributes $1.4B to state economy

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Staff Report
colanews@scbiznews.com
Published Nov. 13, 2015

SCRA generated $1.4 billion in economic activity during the 2015 fiscal year, according to a report from the University of South Carolina’s Moore School of Business.

High-tech jobs from the SC Launch program, which pay average annual wages over $69,000, grew by 52% in the previous year, the report said. In addition, the Summerville-based company generated $526.7 million in direct and labor income for the state’s economy, an increase over the previous year.

“These economic output results indicate that we are advancing our mission to foster South Carolina's high-tech economy,” CEO Bill Mahoney said. “Our SC Launch program continues to grow new technology startups and create high-wage jobs in the state.

“Those successes, combined with our Stage 2 investments from SCRA's core revenues in larger companies, are a driving force in our state's high-tech landscape. We look forward to continued results that benefit our state in the year ahead.”

USC modeled numbers based on SCRA’s operations impact, SC Launch and Stage 2 investments, local purchases and Innovation Center and Research Park operations. The totals were consistent with those from the previous year, it said, due to an increase in SC Launch-related jobs and outcomes combined with a slight decrease in parks and facilities impacts.

SCRA’s 32-year cumulative economic output total in the state is now over $19.5 billion, the organization said.

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